S&P Case-Shiller: Home prices accelerate growth surge in April!
The S&P CoreLogic Case-Shiller U.S. National Home Price Index reported a 14.6% annual gain in April — the highest national index since the index was established in 1987.
April’s year-over-year price jump, up from a 13.3% increase in March, marked the 11th straight month of annual growth throughout the country, continuing the persistent rise of residential prices as supply shortages and high demand drive the market. Price growth in the nation’s largest cities was also strong, with the 10-City and 20-City Composite Indices posting annual growth of 14.4% and 14.9%, respectively (up from 12.9% and 13.4% in the previous month).
“April’s performance was truly extraordinary,” remarked Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI. “The 14.6% gain in the National Composite is literally the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data.
“Housing prices in all 20 cities rose; price gains in all 20 cities accelerated; price gains in all 20 cities were in the top quartile of historical performance. In 15 cities, price gains were in top decile.”
Five cities – Charlotte, Cleveland, Dallas, Denver, and Seattle – joined the National Composite in posting their all-time highest 12-month gains. By Arnie Aurellano,
Website content editor, Scotsman Guide.